10 May 1 Spectacular Cybersecurity Stock To Buy During The Latest Dip In The S&P 500
This week in cybersecurity from the editors at Cybercrime Magazine
– Read the Full Story in The Motley Fool
Sausalito, Calif. – May 10, 2024
The Motley Fool reports that the S&P 500 is currently trading 3.6 percent below its best-ever level in what largely appears to be a typical bull market pullback. History proves the index always rises to new heights given enough time, which could be a great opportunity for investors to top up their portfolios.
One stock to consider, according to The Motley Fool, is cybersecurity powerhouse Tenable (NASDAQ: TENB), a leader in the vulnerability management segment of the industry. Cybercrime is set to cause $9.5 trillion worth of damage globally this year, according to Cybersecurity Ventures, and Tenable is perfectly positioned to defend its customers and create value for investors.
According to research by McKinsey & Company, the corporate sector spent $150 billion on cybersecurity software in 2021. Based on a 12.4 percent compound annual growth rate, companies are forecasted to spend around $213 billion collectively this year. However, McKinsey says that is insufficient to fend off modern threats, suggesting $2 trillion in cybersecurity spending would be more appropriate. That leaves a $1.8 trillion spending gap, which spells opportunity for companies like Tenable.
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